This guide on how to gamble with cryptocurrency explains everything you need to know about crypto gambling and crypto casinos. Gambling is probably as old as the human civilization. However, cryptocurrencies give a whole new life to gambling because of crypto’s focus on privacy, security, and anonymity. Today as cryptocurrencies are becoming more and more mainstream, the popularity of crypto gambling is soaring rapidly.
In this article, we are not only going to talk about how to gamble with cryptocurrency, but also mention the leading crypto gambling platforms. In addition, in this cryptocurrency betting guide, we are going to break down the most important advantages and disadvantages of crypto gambling. Moreover, this crypto gaming guide is going to answer some of the the most crucial questions related to crypto gambling and crypto sports betting:
In any form of gambling, you put money on the table to place a bet and you get rewards when the outcomes are in your favor. In crypto gambling, this core theme of gambling remains the same. However, here the only difference is that you place your bets in cryptocurrencies rather than in fiat money like the US dollar or the euro. Also, in crypto gambling, you receive your rewards in cryptocurrencies only. Next, you can decide to either hold those cryptos for price appreciation in the future or convert them into fiat from a crypto exchange.
Crypto gambling is getting increasingly popular because of crypto’s borderless nature and a staunch focus on privacy. This is a reason we have a large number of crypto casinos coming up with a wide choice of gambling options. To know more about crypto casinos or Bitcoin casinos, read our detailed BTC guide for beginners after this article.
2. How does crypto gambling work?
As we just discussed, in crypto gambling you place bets on an online gambling platform using cryptocurrencies. You also receive your gambling rewards in cryptos only. So, to gamble in cryptocurrencies, you first need to have some amount of popular cryptos like Bitcoin (BTC) or Ethereum (ETH). Next, you need to register with an online gambling platform that allows you to gamble in cryptos.
Most crypto gambling platforms have a simple sign-up process. They also provide lucrative welcome bonuses and other benefits to attract more users. Once you have registered with a leading crypto gambling platform like 1xBit & Bitstarz, you can pick from a range of gambling options like sports betting, live casinos, slot games, and popular games like Blackjack and Roulette.
Once you win cryptos as rewards from an online crypto gambling platform, you can transfer the same to your crypto wallet. If you are unsure which wallet is best for you, read our hot wallets vs. cold wallets guide to help you decide.
Next, you can use your cryptos for placing further bets or get them exchanged for fiat from a crypto exchange. Seamless deposit and withdrawals of cryptos from crypto gambling platforms are increasing their popularity.
3. What is Bitcoin gambling?
When it comes to cryptocurrencies, Bitcoin is still the leader of the pack. It’s also the oldest cryptocurrency and it has the largest user base. This is the reason Bitcoin is the most commonly accepted crypto for gambling. Also, since Bitcoin is the most commonly used cryptocurrency in gambling, many users call crypto gambling Bitcoin gambling.
Technically, there is not much difference between crypto gambling and Bitcoin gambling. However, Bitcoin gambling sites specifically accept Bitcoins for placing bets. In addition to Bitcoin, some other cryptocurrencies commonly used for crypto gambling are Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). To purchase these coins at one of the best crypto exchanges, check out our KuCoin promo code to get an exclusive bonus. Now. let’s look at why gambling with cryptocurrencies sounds like a good idea.
4. Why use crypto for gambling?
The global crypto-gambling industry is set to hit more than $90 billion in 2024. Let’s look at the key factors that make crypto highly suitable for the gambling industry:
4.1 Privacy
Privacy is one of the key promises of the blockchain technology. Cryptos allow you to make financial transactions without involving any bank, government agencies, or third parties. The unparalleled privacy offered by cryptos makes it a great medium of payment for the gambling industry.
4.2 Security
It’s nearly impossible to fabricate blockchain data. Therefore, cryptos provide the utmost security while making financial transactions worldwide. Even though there have been many instances of security breaches and fraud, blockchain remains one of the most secure technologies for financial transactions.
4.3 Borderless financial transactions
Since all crypto transactions occur in a peer-to-peer environment, crypto transactions are borderless. Crypto doesn’t need intermediaries or government agencies to approve financial transactions. Crypto’s borderless transactions make it an excellent choice for gambling as many gambling platforms are located offshore.
4.4 Anonymity
Crypto users are represented by alphanumeric addresses (which look something like this: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa) on the blockchain. It means the real names and identities of crypto users are not revealed. Since crypto allows users to remain anonymous and conduct financial transactions worldwide, it offers an excellent gambling tool. You can find out more about how blockchains work in our dedicated article.
4.5 Fast transactions
Crypto transactions are not only private, secure, borderless, and anonymous, they are also superfast. Since crypto payments are settled in almost real-time, it’s a great medium of payment in a peer-to-peer environment. Past payment settlement makes crypto a leading choice for gambling.
5. Best cryptocurrency casinos and sportsbook
A crypto casino is an online gambling platform accepting cryptocurrencies as a payment method. Many crypto casinos are exclusively designed for crypto gambling. Also, other online gambling platforms accept fiat currencies along with cryptos.
While choosing the best Bitcoin casinos, you must consider several factors like the cryptocurrencies accepted, gambling options, ease of use, reputation, and withdrawal methods. Considering these factors, we have zeroed in on a list of the top cryptocurrency casinos:
BitStarz
Excellent welcome bonuses.
A large number of exclusive games, game studios, and live casinos.
Unmatchable benefits for new users - Level Up bonuses, Mystery Prizes, access to VIP clubs, and exclusive tournaments.
Accepts Bitcoin along with traditional payment options like credit cards.
Fast deposit and withdrawals within 10 minutes.
The Bitstarz Mobile Casino app allows you to have a casino experience on your mobile phone.
Received numerous awards and accolades from top Bitcoin gambling authorities.
Use our BitStarz bonus code VIPBIT to receive excellent welcome benefits of up to $600 or 6 BTC + 210 free spins. This BitStarz promo code is exclusively designed for new users.
1xBit
Lucrative welcome bonus for new users.
A large number of games, slots, live casinos, and sports.
1xBit is also the leading crypto sports betting site.
Operating for more than 7 years.
User-friendly interface.
Fast payouts and withdrawals.
Mobile apps for both iOS and Android.
Accepts Bitcoin in addition to other payment methods.
Use our 1xBit Bonus CodeBITVIP to register today and get a registration bonus of up to 7 BTC + 500 exclusive bonus points. Remember that this 1xBit promo code is exclusively for new users.
6. Advantages and disadvantages of crypto gambling
Advantages
Here are the key advantages of crypto gambling:
Ease of use: Top crypto gambling platforms are BitStarz and 1xBit are easy to use with a simple registration process.
A wide range of gambling options: Leading crypto casinos offers a large number of betting options, live casinos, games, and sports gambling options.
Fast and secure: Crypto offers a fast and secure method of making payments and participating in gambling activities.
Privacy and anonymity: The unparalleled privacy and anonymity offered by cryptos make crypto gambling extremely popular.
Easy deposit and withdrawal methods: Top crypto casinos offer easy deposit and withdrawal methods for a seamless gambling experience.
Disadvantages
Despite many benefits, crypto gambling has some risk factors. You must consider these risks and disadvantages of crypto gambling before risking your hard-earned money:
Crypto’s volatility: Crypto is a highly volatile asset. So, the value of your gambling rewards can fluctuate widely based on the market value of the underlying crypto. Read our "Crypto Volatility Explained" article for a deep-dive into the subject.
Scam risks: There is no shortage of dubious crypto gambling platforms designed to mislead investors and steal their crypto assets. To avoid these crypto gambling scams, stick to the most reputed platforms.
Risks in gambling: Gambling is a risky business. Most crypto gamblers eventually lose their capital. Therefore, never risk a large capital in gambling. Also, always follow effective risk management while trading or gambling in crypto.
Our team of experts at JohnnyBitcoin strive to assist our readers on their crypto journeys. We constantly publish crypto exchange reviews, how-to guides, Bitcoin bonus codes, and much more. Head to our homepage to read our latest articles.
7. How to gamble with cryptocurrency - FAQs
7.1 🤷🏽♀️Can I bet with crypto?
Yes. crypto gambling platforms allow you to place bets using cryptocurrencies like BTC or ETH.
7.2 🔐Is crypto gambling safe?
Crypto gambling is relatively safe if you stick to the most reputed names in the industry. Some of the safest crypto gambling platforms are BitStarz and 1xBit.
7.3 🪙What gambling sites accept crypto?
Crypto gambling sites are mushrooming with the increasing popularity of cryptocurrencies. However, not all crypto gambling sites are safe or reputed. BitStarz and 1xBit are two of the most reputed crypto casinos that accept cryptos as a payment method.
7.4 🤔What is the best crypto gambling app?
Considering factors like ease of use, gambling options, deposit and withdrawal methods, and reputation, the best Bitcoin gambling sites or apps are 1xBit and Bitstarz. This guide on how to gamble with cryptocurrency highlights the key strengths of these crypto gambling sites.
How to Gamble with Cryptocurrency
This guide on how to gamble with cryptocurrency explains everything you need to know about crypto gambling and crypto casinos. Gambling is probably as old as the human civilization. However, cryptocurrencies give a whole new life to gambling because of crypto’s focus on privacy, security, and anonymity. Today as cryptocurrencies are becoming more and more mainstream, the popularity of crypto gambling is soaring rapidly.
In this article, we are not only going to talk about how to gamble with cryptocurrency, but also mention the leading crypto gambling platforms. In addition, in this cryptocurrency betting guide, we are going to break down the most important advantages and disadvantages of crypto gambling. Moreover, this crypto gaming guide is going to answer some of the the most crucial questions related to crypto gambling and crypto sports betting:
Contents
1. What is crypto gambling?
In any form of gambling, you put money on the table to place a bet and you get rewards when the outcomes are in your favor. In crypto gambling, this core theme of gambling remains the same. However, here the only difference is that you place your bets in cryptocurrencies rather than in fiat money like the US dollar or the euro. Also, in crypto gambling, you receive your rewards in cryptocurrencies only. Next, you can decide to either hold those cryptos for price appreciation in the future or convert them into fiat from a crypto exchange.
Crypto gambling is getting increasingly popular because of crypto’s borderless nature and a staunch focus on privacy. This is a reason we have a large number of crypto casinos coming up with a wide choice of gambling options. To know more about crypto casinos or Bitcoin casinos, read our detailed BTC guide for beginners after this article.
2. How does crypto gambling work?
As we just discussed, in crypto gambling you place bets on an online gambling platform using cryptocurrencies. You also receive your gambling rewards in cryptos only. So, to gamble in cryptocurrencies, you first need to have some amount of popular cryptos like Bitcoin (BTC) or Ethereum (ETH). Next, you need to register with an online gambling platform that allows you to gamble in cryptos.
Most crypto gambling platforms have a simple sign-up process. They also provide lucrative welcome bonuses and other benefits to attract more users. Once you have registered with a leading crypto gambling platform like 1xBit & Bitstarz, you can pick from a range of gambling options like sports betting, live casinos, slot games, and popular games like Blackjack and Roulette.
Once you win cryptos as rewards from an online crypto gambling platform, you can transfer the same to your crypto wallet. If you are unsure which wallet is best for you, read our hot wallets vs. cold wallets guide to help you decide.
Next, you can use your cryptos for placing further bets or get them exchanged for fiat from a crypto exchange. Seamless deposit and withdrawals of cryptos from crypto gambling platforms are increasing their popularity.
3. What is Bitcoin gambling?
When it comes to cryptocurrencies, Bitcoin is still the leader of the pack. It’s also the oldest cryptocurrency and it has the largest user base. This is the reason Bitcoin is the most commonly accepted crypto for gambling. Also, since Bitcoin is the most commonly used cryptocurrency in gambling, many users call crypto gambling Bitcoin gambling.
Technically, there is not much difference between crypto gambling and Bitcoin gambling. However, Bitcoin gambling sites specifically accept Bitcoins for placing bets. In addition to Bitcoin, some other cryptocurrencies commonly used for crypto gambling are Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). To purchase these coins at one of the best crypto exchanges, check out our KuCoin promo code to get an exclusive bonus. Now. let’s look at why gambling with cryptocurrencies sounds like a good idea.
4. Why use crypto for gambling?
The global crypto-gambling industry is set to hit more than $90 billion in 2024. Let’s look at the key factors that make crypto highly suitable for the gambling industry:
4.1 Privacy
Privacy is one of the key promises of the blockchain technology. Cryptos allow you to make financial transactions without involving any bank, government agencies, or third parties. The unparalleled privacy offered by cryptos makes it a great medium of payment for the gambling industry.
4.2 Security
It’s nearly impossible to fabricate blockchain data. Therefore, cryptos provide the utmost security while making financial transactions worldwide. Even though there have been many instances of security breaches and fraud, blockchain remains one of the most secure technologies for financial transactions.
4.3 Borderless financial transactions
Since all crypto transactions occur in a peer-to-peer environment, crypto transactions are borderless. Crypto doesn’t need intermediaries or government agencies to approve financial transactions. Crypto’s borderless transactions make it an excellent choice for gambling as many gambling platforms are located offshore.
4.4 Anonymity
Crypto users are represented by alphanumeric addresses (which look something like this: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa) on the blockchain. It means the real names and identities of crypto users are not revealed. Since crypto allows users to remain anonymous and conduct financial transactions worldwide, it offers an excellent gambling tool. You can find out more about how blockchains work in our dedicated article.
4.5 Fast transactions
Crypto transactions are not only private, secure, borderless, and anonymous, they are also superfast. Since crypto payments are settled in almost real-time, it’s a great medium of payment in a peer-to-peer environment. Past payment settlement makes crypto a leading choice for gambling.
5. Best cryptocurrency casinos and sportsbook
A crypto casino is an online gambling platform accepting cryptocurrencies as a payment method. Many crypto casinos are exclusively designed for crypto gambling. Also, other online gambling platforms accept fiat currencies along with cryptos.
While choosing the best Bitcoin casinos, you must consider several factors like the cryptocurrencies accepted, gambling options, ease of use, reputation, and withdrawal methods. Considering these factors, we have zeroed in on a list of the top cryptocurrency casinos:
BitStarz
1xBit
6. Advantages and disadvantages of crypto gambling
Advantages
Here are the key advantages of crypto gambling:
Disadvantages
Despite many benefits, crypto gambling has some risk factors. You must consider these risks and disadvantages of crypto gambling before risking your hard-earned money:
Our team of experts at JohnnyBitcoin strive to assist our readers on their crypto journeys. We constantly publish crypto exchange reviews, how-to guides, Bitcoin bonus codes, and much more. Head to our homepage to read our latest articles.
7. How to gamble with cryptocurrency - FAQs
7.1 🤷🏽♀️Can I bet with crypto?
Yes. crypto gambling platforms allow you to place bets using cryptocurrencies like BTC or ETH.
7.2 🔐Is crypto gambling safe?
Crypto gambling is relatively safe if you stick to the most reputed names in the industry. Some of the safest crypto gambling platforms are BitStarz and 1xBit.
7.3 🪙What gambling sites accept crypto?
Crypto gambling sites are mushrooming with the increasing popularity of cryptocurrencies. However, not all crypto gambling sites are safe or reputed. BitStarz and 1xBit are two of the most reputed crypto casinos that accept cryptos as a payment method.
7.4 🤔What is the best crypto gambling app?
Considering factors like ease of use, gambling options, deposit and withdrawal methods, and reputation, the best Bitcoin gambling sites or apps are 1xBit and Bitstarz. This guide on how to gamble with cryptocurrency highlights the key strengths of these crypto gambling sites.